TowerBrook and Further Global’s Take-Private of ProSight Global, Inc.

Sidley Austin LLP advised TowerBrook Capital Partners L.P. and Further Global Capital Management on the deal. Kirkland & Ellis advised Further Global Capital Management. Ropes & Gray advised the special committee of ProSight Global.

TowerBrook Capital Partners L.P. (TowerBrook), an international investment management firm, and Further Global Capital Management (Further Global), a private equity firm focused on the financial services industry, announced the acquisition of all outstanding shares of common stock of ProSight Global, Inc. (NYSE: PROS), a domestic specialty insurance company, in an all-cash transaction valued at approximately $586,000,000.

TowerBrook, an investment management firm that has raised in excess of US$17.4 billion to date, is co-headquartered in London and New York, and focuses on making investments in companies headquartered in North America and Europe. Further Global is an employee-owned private equity firm that makes investments in businesses within the financial services industry.

This transaction was led by Private Equity partner Brien Wassner (Picture), Insurance partner Perry Shwachman, and M&A partner John Butler, with significant contributions by Global Finance partner Kelly Dybala regarding financing aspects and Insurance counsel Jennifer Norris regarding insurance matters. Other members of the team included partners Karen Kazmerzak (Antitrust), Joel Feinberg (Banking and Financial Services), Benjamin Rosemergy (Employee Benefits), James Mendenhall and Andrew Shoyer (Global Arbitration, Trade and Advocacy), Andrew Holland (Insurance), Alan Raul (Privacy and Cybersecurity), Christian Brause and Tracy Williams (Tax), and Jennifer Coplan (Technology and IP Transactions); counsel Christophe Burusco (Insurance) and Galit Knotz (Labor, Employment and Immigration); and associates Miriam Carroll Silvestri (Antitrust), Alexandra Peterson and P.C. Wang (Employee Benefits), Carys Golesworthy (Global Arbitration, Trade and Advocacy), Adam Nelson (Global Finance), Jeremy Carroll, Jacob Grossman, Jingjing Lin, Christa Nipper, Monica Norzagaray Pedraza, and Jack Yamin (Insurance), Abigail Hudson (Labor, Employment and Immigration), Anna Razzaio, Alan Sun, and Taylor Wood (M&A), Michael Roberts (Privacy and Cybersecurity), Nathan Enfield and Lena Qiu (Tax), and Kyle Barnett and Summer Danzeisen (Technology and IP Transactions).

Kirkland & Ellis advised Further Global Capital Management with a team led by transactional partners Jennifer Perkins, Rajab Abbassi and Jessica Murray, and also included tax partner Benjamin Schreiner and insurance regulatory partner Parimah Hassouri.

The Ropes & Gray team that represented ProSight Global was led by mergers & acquisitions partner Marko Zatylny (Boston), and included litigation & enforcement partners Randall Bodner and Daniel McCaughey (both of Boston).

Involved fees earner: Rajab Abbassi – Kirkland & Ellis; Parimah Hassouri – Kirkland & Ellis; Jessica Murray – Kirkland & Ellis; Jennifer Perkins – Kirkland & Ellis; Benjamin Schreiner – Kirkland & Ellis; Randall Bodner – Ropes & Gray; Daniel McCaughey – Ropes & Gray; Marko Zatylny – Ropes & Gray; Kyle Barnett – Sidley Austin LLP; Christian Brause – Sidley Austin LLP; Christophe Burusco – Sidley Austin LLP; John Butler – Sidley Austin LLP; Jeremy Carroll – Sidley Austin LLP; Jennifer Coplan – Sidley Austin LLP; Kelly Dybala – Sidley Austin LLP; Nathan Enfield – Sidley Austin LLP; Joel Feinberg – Sidley Austin LLP; Carys Golesworthy – Sidley Austin LLP; Jacob Grossman – Sidley Austin LLP; Andrew Holland – Sidley Austin LLP; Abigail Hudson – Sidley Austin LLP; Karen Kazmerzak – Sidley Austin LLP; Galit Knotz – Sidley Austin LLP; Jingjing Lin – Sidley Austin LLP; James Mendenhall – Sidley Austin LLP; Adam Nelson – Sidley Austin LLP; Christa Nipper – Sidley Austin LLP; Jennifer Norris – Sidley Austin LLP; Monica Norzagaray Pedraza – Sidley Austin LLP; Alexandra Peterson – Sidley Austin LLP; Lena Qiu – Sidley Austin LLP; Alan Charles Raul – Sidley Austin LLP; Anna Razzaio – Sidley Austin LLP; Michael Roberts – Sidley Austin LLP; Benjamin Rosemergy – Sidley Austin LLP; Andrew Shoyer – Sidley Austin LLP; Perry Shwachman – Sidley Austin LLP; Miriam Carroll Silvestri – Sidley Austin LLP; Alan Sun – Sidley Austin LLP; P.C. Wang – Sidley Austin LLP; Brien Wassner – Sidley Austin LLP; Tracy Williams – Sidley Austin LLP; Jack Yamin – Sidley Austin LLP;

Law Firms: Kirkland & Ellis; Ropes & Gray; Sidley Austin LLP;

Clients: Further Global Capital Management, L.P.; ProSight Global; TowerBrook Capital Partners L.P.;

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Author: Ambrogio Visconti